Is There a Real Free Credit Card Debt Consolidation?
Is There a Real Free Credit Card Debt Consolidation?
When you are down under a rock of debts, an ad promising free credit card debt consolidation looks like a silver lining in the dark clouds. However, be aware while jumping into the boat. Most of the time, they turn out to be fraudulent companies, out to rob your last penny.
There is nothing called free lunch, so see how much ‘free’ is your free personal credit card debt consolidation. Most of time, the free part will be a free quote for your credit card debt consolidation. They are also very important, as they will show you the condition of the market. You can compare the offers of the different companies before settling into one.
How You May Be Ripped Off By the Promises of Free Credit Card Debt Consolidation
The way the fraudulent companies operate is very simple. They will give glittering ads, promising you free services credit card debt, and reasons for why you should take them. They will paint doomsday picture of bankruptcy, if you do not take their loan. Then they will ask you not to bother with your bills any more, for they claim that if you pay regularly in their account, they will do all your worrying and paying. The result is that, neither your bills are paid, nor your debt is reduced. On the other hand, they will get even bigger.
So Is There No Real Free Credit Card Debt Consolidation Company?
There are some non profit debt relief, which will help you to get out of your debt. However, they are few and their services are restricted. They will provide counselor, who will show you how to effectively mange your bills and expenditure. They may also negotiate on your behalf to bring down the loan amount or the interest rate.
Then there are Christian credit card debt consolidations, in which, Christian groups help fellow Christians to get out of debts. When a Christian is in debt, he is not only in financial problem, but also in spiritual problem. A free personal credit card debt consolidation from them will not only remove your debt problem to some degree, but will also guide on how to avoid getting into the trap of credit card debt.
When you get free credit card debt consolidation, there are some things that you should keep in mind. Check the interest rate of your new loan and see that it is lower than your previous credit loans. They are generally lower, but in the end cost a bit more because you pay for a longer period. Most of the time, you have to surrender your credit cards when you go for credit card debt consolidation; so learn to live without your credit cards.
Free credit card debt consolidation should be taken with a pinch of salt. There will be many companies offering free services credit card debt or free personal credit card debt consolidation; but make sure that the company is not fraudulent. For more information visit best credit card debt consolidation.
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Surprise! New Credit Card Legislation Pushed Interest Rates To 22-Year Highs
The spread on credit card interest–the difference between the interest rate on your charges, and the Treasury benchmark rate–is the highest it’s been in 22 years. The culprit? The CARD Act, which has given banks much less flexibility in the fees they charge. Banks now have to give you 45 days notice before they raise your interest rate, and they need to give you the option of paying off the debt in order to avoid interest rate hikes.
This is entirely unsurprising; if you want a fixed interest rate (or the option to get a fixed interest rate), you’re going to have to pay to offload the risk onto someone else. If you want to avoid penalty fees (those are also now controlled), then you’ll have to pay for that too. Bank cards are an extremely competitive industry; it wasn’t likely that banks were simply going to eat the losses. If you’d added controls on the interest rate, they’d be dumping their riskiest customers.
That doesn’t necessarily mean that the rules are bad; there’s a plausible argument that the increased transparency is worth the higher interest rate. As Carolyn Maloney says in the article, “Better that consumers should know up-front what the interest rate is, even if it’s higher, than to be soaked on the back-end by tricks and hidden fees.”
Of course, lots of people weren’t being soaked on the back end by tricks and hidden fees; the people who pay their bills on time or even early. Those people are paying more, while folks who have temporary cash flow problems (or permanent forgetfullness) will pay somewhat less. Whether or not you think this is fair depends on a set of moral judgements about indebtedness; do the timely bill payers deserve a bonus for living within their means, or do the bill-missers deserve some help because they’re more likely to be hard up?
What’s actually not clear to me is whether the people now paying more are, as a group, better off than the group that is now paying less. The new interest rates are not going to hit the affluent folks who pay their bills off every month, any more than the old late fees did. Instead, they’re going to be hardest on people carrying a substantial balance–people who may have made the payments on time, but did not have the necessary scratch to pay the whole thing off. Are people with large credit card balances less deserving than people who miss payments? In some cases, they’re the same group, of course–in which case, it’s not clear to me whether the new rules are better or worse for them.
But where the two groups do not overlap, I am not sure that the group we are rescuing from sudden interest rate changes and late fees is more needy than the group who is now paying higher interest rates to counterbalance the fees. Indeed, the higher interest rates could conceivably tip some people into the “misses bills” group.
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